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Following
ETH The second-largest cryptocurrency has rebounded slightly in the past few days, but some bullish signals suggest it may be on the verge of further gains.
Analysts speculated that prices could soon exceed $2,300, while others warned that prices could also fall to a low of $1,000.
Funds outflow from exchanges and other signs
Well-known analyst Ali Martinez revealed that in the past 30 days, investors have withdrawn about 1 million Ethereum units (worth nearly US$2 billion) from the centralized platform. A closer look at CryptoQuant's data shows that total positions have plunged to approximately 15.1 million, the lowest level in the past decade.
Such moves are often seen as an optimistic sign for cryptocurrencies, and Martinez explained:
"Falling exchange balances usually mean weakening selling pressure, a trend that supports Ethereum's bullish outlook."
Another positive development surrounding this asset is the return of institutional interest. According to SoValue, capital inflows far exceeded outflows in the spot Ethereum ETF on most trading days this month, which means that conservative investors such as pension funds and hedge funds have increased their exposure, forcing financial giants such as BlackRock, Fidelity, VanEck, and Franklin Templeton to support their shares with real Ethereum.
Institutions are not the only ones that have increased interest in the asset. Earlier this week, BitMEX co-founder Arthur Hayes spent more than $2.5 million on 1,332 Ethereum units.
Latest predictions
$2,300 seems to be the short-term goal pointed out by multiple analysts. According to Ali Martinez, an increase of this magnitude is possible as long as the asset holds the $1,850 level and forms a double bottom pattern on the Ethereum price chart.
Analyst KALEO predicts that prices may rise to US$2,300 by mid-August, then may fall sharply to US$1,200, and usher in a recovery in October.
Analyst Crypto Patel also gave his opinion. He described a possible scenario: prices are expected to rise to the $2,160 to $2,400 range, and even predicted that if the closing price is confirmed above $2,400, it could explode to $10,000. At the same time, he also pointed out that if prices are blocked and fall back from the above range, it could open the door to a sharp fall to $1,500 to $1,000.
